How much do you have in super at 30, 40 or 50? Most people check the average for their age. But that only tells you what other people have saved, not whether it’s enough for the retirement you want. Among Australians aged 60–64 with super, the median balance in the latest age breakdown was about $203,000. Does that sound like enough to retire on?
In this post we compare your balance with others your age, decide what retirement income you actually want, then work backwards to the monthly contribution that gets you there, including if you’re starting late. Tap any button to jump to that part of the video.
It depends on the income you want, when you want to retire and your housing costs, not the average for your age. In our example, a $2 million target at 60 (about $100,000 a year at a 5% withdrawal) needs around $1,349 a month into super from age 20, or about $3,415 a month starting from nothing at 35, assuming a 5% real return.
Part 1: What Australians actually have
The Association of Superannuation Funds of Australia (ASFA) has published age-by-age balances using ATO data from June 2024. The median is often more useful than the average, because a small number of very large balances pull the average up.
If the average makes you feel behind, remember it’s skewed by people with very large balances. And the comparison has limits: people the same age can be at very different stages, single or part of a couple, renting or paying off a mortgage, and the figures are from June 2024. The better question is what retirement you actually want.
Part 2: What retirement do you actually want?
For reference, ASFA estimates a single homeowner needs about $56,000 a year for a comfortable retirement, or about $79,000 for a couple. It says this could be supported from age 67 with around $630,000 in super for a single or $730,000 combined for a couple. That works because it assumes you own your home, get some Age Pension and gradually spend down your super. Very different from retiring at 60 on $100,000 a year while preserving your capital.
For this post, we’ll use one ambitious example: a paid-off home, retirement at 60 and $100,000 a year in today’s money.
For most people withdrawing from a taxed super fund from age 60, withdrawals are generally tax-free once they meet the access rules, one reason super’s tax treatment matters for retirement income. If you want more on retirement targets, read How much do you need to retire in Australia?
Part 3: Starting at 20
Imagine someone turning 20 with no super who wants the purchasing power of $2 million today by 60.
Under those assumptions, our 20-year-old needs around $1,349 a month into super through to age 60.
Notice how much of the finish comes late. The first 10 years get you to around $208,000. The last 10 take you from about $1.1 million to $2 million. That’s compounding once the base is big enough to do serious work. Over 40 years, contributions add up to around $648,000; investment growth supplies another $1.35 million in this smooth-return example.
Part 4: The ramp strategy
Most people don’t put in the same amount for four decades. So instead of $1,349 a month from day one, suppose you start at $1,000 a month in your 20s and step it up as your income grows.
That beats the $2 million goal. Total contributions are about $840,000 and the model adds roughly $1.33 million of growth. The plan is built around rising earning power rather than pretending your budget will be the same at every age.
The catch: the bigger later contributions must actually happen. A ramp is only a strategy if you make each increase when you said you would. Contribution caps, employer payments and your tax position also matter.
Part 5: Age 35 and starting with nothing
With 25 years instead of 40, the same target needs about $3,415 a month, more than 2.5 times the amount for someone starting at 20. That’s the cost of losing 15 years of compounding under these assumptions.
That’s $40,980 a year landing in super after contributions tax. To get it all in through before-tax contributions you’d need to contribute roughly $48,200 before tax, above the standard $32,500 concessional cap for 2026–27 (which includes employer contributions). Eligible unused cap amounts or after-tax contributions may help. Starting at 35 isn’t hopeless; your plan just has to reflect your starting balance and the time left.
Not sure your portfolio is set up right? Get a free portfolio review to spot gaps and hidden risks.
Part 6: If you’re 30, 40 or 50 today
Your existing balance changes the answer a lot. Here’s the monthly amount needed to reach $2 million (today’s dollars) by 60, using the same 5% real return:
The balance you already have does the work that time does for a younger investor. At 50, many of these amounts would be unrealistic and would likely need after-tax contributions.
That doesn’t mean taking more investment risk to hit the original target. It means reconsidering the target: work a few years longer, live on less, draw down some capital, or rely partly on the Age Pension later if you qualify. At $1 million, for example, 5% is $50,000 a year, with the same warning that it isn’t guaranteed to last.
Part 7: How to turn the number into a plan
- Decide how much you want to spend each year, including housing, and whether you’re planning for one person or a couple. A paid-off home is a very different calculation from renting in retirement.
- Choose when you want to stop working. Accessing super at 60 requires meeting a condition of release, and the Age Pension generally starts at 67 if you qualify. Retire at 60 and you need a plan for those first seven years.
- Check what you have and what’s actually reaching your fund. Employer super is generally 12% of qualifying earnings, but check your super account, not just your payslip. Look at how it’s invested and what fees and insurance are coming out.
- Keep inflation consistent. At 3% inflation, $2 million of today’s buying power is about $6.5 million in 40 years. Your contributions need to rise in dollar terms too.
- Test a lower return. From zero at 20, the target needs about $1,349 a month at a 5% real return but about $2,181 a month at 3%.
So the right balance isn’t the average for your age. In our example, reaching $2 million at 60 from zero at 20 meant roughly $208,000 at 30, $547,000 at 40 and $1.1 million at 50. If that path doesn’t fit, change the contributions, retirement date, income goal or how much capital you plan to spend.
Watch the full video on YouTube →
General information only. All figures are illustrations using a constant 5% real return (and 3% where stated) in today’s dollars; they are not forecasts and actual returns will vary. Super, tax and Age Pension rules change, and contribution caps and conditions of release apply. This doesn’t consider your objectives, financial situation or needs. Consider personal financial and tax advice before making super or retirement decisions.
Frequently asked questions
How much super should I have at 30, 40 and 50?
It depends on your retirement goal. In one example, to reach $2 million in today’s dollars by 60 starting from zero at 20 and assuming a 5% real return, you’d need roughly $208,000 at 30, $547,000 at 40 and $1.1 million at 50. The median balance for Australians aged 30–34 was about $40,000 in ASFA’s June 2024 data.
What is the average super balance by age in Australia?
Based on ATO data from June 2024 published by ASFA, the average was about $28,000 at 25–29 (median $21,000), $54,000 at 30–34 (median $40,000) and $371,000 at 60–64 (median $203,000).
How much super do I need for a comfortable retirement?
ASFA estimates a single homeowner needs about $56,000 a year for a comfortable retirement and a couple about $79,000, which it says could be supported from age 67 with around $630,000 (single) or $730,000 (couple) in super, assuming some Age Pension and spending down super.
How much do I need to contribute to super each month to have $2 million at 60?
Under a 5% real return assumption, about $1,349 a month starting from zero at 20, or about $3,415 a month starting from zero at 35, in today’s dollars and including employer contributions. At a 3% real return, starting at 20 needs about $2,181 a month.